Core Viewpoint - Recent announcements from multiple banks regarding the redemption of subordinated capital bonds and perpetual bonds indicate a strategic response to changing interest rates, regulatory requirements, and capital management needs. The "perpetual bonds" will continue to be an important tool for capital replenishment in the banking sector [1][2]. Group 1: Reasons for Redemption - Several banks, including China Construction Bank and Qilu Bank, have recently redeemed their "perpetual bonds" due to three main reasons: lowering capital costs, enhancing market reputation, and specific bond terms that allow for redemption after five years [2][3]. - The decline in interest rates allows banks to redeem high-cost old bonds and issue new ones at lower rates, effectively reducing interest expenses and alleviating net interest margin pressure [3]. Group 2: Capital Management and Regulatory Compliance - The implementation of new capital management regulations has led to stricter counter-cyclical capital supervision, particularly for globally systemically important banks, necessitating the replacement of old bonds to optimize capital structure and improve capital tool adaptability [3][6]. - Redemption of old bonds may temporarily decrease a bank's capital scale, but if new bonds are issued simultaneously, it can enhance capital replenishment efficiency [3][4]. Group 3: Market Dynamics and Future Trends - The demand for capital replenishment in the banking sector remains urgent due to significant credit needs during economic transformation and the necessity for capital buffers in dealing with non-performing assets [5]. - The issuance of "perpetual bonds" is expected to show a divergence trend, with large banks and quality joint-stock banks likely to continue leveraging the interest rate decline to accelerate the redemption and issuance of new bonds, while smaller banks may face increased challenges in issuing new bonds [6].

险企发行资本补充债和永续债的另一个特征是，发行债券的票面利率逐年下行。今年以来，险企发行债 券的票面利率范围在2.18%—2.80%之间，与往年相比逐步走低。 本报记者 冷翠华 见习记者 杨笑寒 3月19日，太平人寿保险有限公司（以下简称"太平人寿"）成功发行规模为90亿元的无固定期限资本债 券（也称为"永续债"）。 今年以来，险企发债步履不停。数据显示，截至3月20日，险企发行资本补充债和永续债的规模合计达 366亿元。 受访专家表示，险企加速发行债券，与偿付能力要求提高、市场利率环境走低、扩展业务需求等因素有 关，此外，部分险企"赎旧发新"也推高了资本补充债和永续债的发行规模。未来，预计险企资本补充需 求将维持在高位，会有更多险企尝试新型资本补充工具。 "赎旧发新"降成本 3月19日，太平人寿发行90亿元永续债，票面利率为2.40%。太平人寿公告显示，本期债券募集资金将 依据适用法律和监管部门的批准用于补充发行人核心二级资本，提高发行人偿付能力，为发行人业务的 良性发展创造条件，支持业务持续稳健发展。 Wind数据显示，截至3月20日，今年共有8家险企发行资本补充债和永续债，规模合计达366亿元。相较 而 ...